Conway Resources Inc.

Conway Resources Inc.

March 07, 2008 15:08 ET

Conway Resources Completes $50,000 Private Placement

QUEBEC CITY, QUEBEC--(Marketwire - March 7, 2008) - Conway Resources Inc. (TSX VENTURE:CWY) has completed a private placement in the amount of $50,000 by issuing 10 Units (non flow-through units) to accredited investors in Quebec.

Each Unit consists of 41,666 common shares of the Company at $0.12 per share and 41,666 warrants of the Company. Each warrant entitles its holder to subscribe for one additional common share of the Company at a price of $0.25 for a 24-month period following the closing date of the private placement.

The proceeds from the private placement will be used for working capital purposes and for payment of some intermediary fees of 10 % related to this placement.

The common shares and warrants that will be issued by Conway pursuant to the private placement are subject to a four-month hold period ending July 7, 2008.

After giving effect to the private placement, Conway will have 27,672,811 common shares issued and outstanding.

The private placement is subject to final approval of TSX Venture Exchange.

About Conway Resources

Conway Resources (TSX VENTURE:CWY) specializes in the acquisition, exploration and development of mining properties. The Company is primarily focused on precious metals, and presently owns four properties in Quebec, Canada, in the vicinity of the Belleterre mine (total production of 2.18 Mt at 9.95 g/t Au for nearly 800,000 ounces of gold from 1936 to 1959) and the old Lorraine Cu-Ni mine. For more information, visit the Company's website at

The TSX Venture Exchange assumes no responsibility for the adequacy or accuracy of this press release.

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